... NORTH HOLLYWOOD Calif. June 17 /- IPC The...-- the number of physicians the Company has on staff during the quarte... which may fluctuate based upon the timing of hires caused by the en... the academic year for graduating resident physicians and the schedu...

NORTH HOLLYWOOD, Calif., June 17 /PRNewswire-FirstCall/ -- IPC The
Hospitalist Company, Inc. (Nasdaq: IPCM), a leading national hospitalist
physician group practice, today reaffirmed its guidance for full year 2008
revenue to be in the range of $239 million to $245 million and full year
2008 earnings per adjusted pro-forma fully diluted share (excluding bonuses
incurred in the first quarter related to the Company's IPO) to be in the
range of $0.87 to $0.94. Absent the impact of acquisitions, the Company
typically experiences a pattern of seasonality with net revenue and
earnings in the first and fourth quarters of the year higher than those in
the second and third quarters. The Company expects this pattern to continue
and believes it is primarily due to the following factors:

-- the number of physicians the Company has on staff during the quarter,

which may fluctuate based upon the timing of hires caused by the end of

the academic year for graduating resident physicians and the schedule

of the Internal Medicine Board exams and terminations in our existing

practices; and

-- fluctuations in patient encounters which are impacted by hospital

census and physician productivity and often reflect seasonality due to

the higher occurrence of such illnesses as flu and pneumonia in patient

populations in the first quarter.

This guidance does not include new market acquisitions. The Company
undertakes no obligation following the date of this press release to update
or revise any such statements or projections whether as a result of new
information, future events, or otherwise.

Reconciliation for Non-GAAP Financial Measures

The Company's Board of Directors approved one-time bonuses paid in the
first quarter of 2008 related to the Company's IPO of $0.3 million, which
decreased the Company's pro-forma fully diluted earnings per share for the
first quarter of 2008 by $0.01. IPC computes its adjusted pro-forma fully
diluted earnings per share excluding these one-time bonuses to reflect its
on-going operations. IPC's management believes that while excluding the
one-time bonuses from the calculation of pro-forma fully diluted earnings
per share is considered a non-GAAP measure, it more clearly depicts the
operating performance of the Company and enables more appropriate
period-to-period measures. However, adjusted pro-forma fully diluted
earnings per share is a non-GAAP measure and thus should not be used as a
substitute for pro-forma fully diluted earnings per share.

The Company's guidance for 2008 is based upon assumptions that the
Company's management believes reasonable, but there can be no assurance
that these future results will be achieved.

About IPC The Hospitalist Company

IPC The Hospitalist Company, Inc. (Nasdaq: IPCM) is a leading national
physician group practice company focused on the delivery of hospitalist
medicine services. IPC's physicians and affiliated providers manage the
care of hospitalized patients in coordination with primary care physicians
and specialists. The Company provides its hospitalists with the
comprehensive training, information technology, and management support
systems necessary to improve the quality and reduce the cost of inpatient
care in the facilities it serves. For more information, visit the IPC
website at http://www.hospitalist.com.

Safe Harbor Statement

Certain statements and information in this press release may be deemed
to be "forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release may include, but are not limited to, those
statements set forth above regarding projected operating results, revenues,
earnings and seasonality. Forward-looking statements are often
characterized by terminology such as "believe", "hope", "may",
"anticipate", "should", "intend", "plan", "will", "expect", "estimate",
"project", "positioned", "strategy" and similar expressions. Any
forward-looking statements are necessarily based on a variety of estimates
and assumptions which, though considered reasonable by the Company, may not
be realized and are inherently subject to significant business, economic,
competitive, industry, regulatory, market and financial uncertainties and
contingencies, many of which are and will be beyond IPC's control.
Important risks and uncertainties that could cause actual results,
developments and business decisions to differ materially from those
contemplated by any forward-looking statements are described in IPC's most
recent Annual Report on Form 10-K, including the section titled "Risk
Factors," and actual results could differ materially from those anticipated
in forward-looking statements.

In particular the following risks and uncertainties may have such an
impact:

-- failure to comply with complex and intensive government regulation of

our industry;

-- the ability of our affiliated hospitalists to appropriately document

services they provide;

-- the adequacy of our insurance coverage and insurance reserves;

-- our ability to recruit and retain qualified physicians;

-- our ability to successfully integrate new acquisitions;

-- the effect of changes in rates or methods of third-party reimbursement;

and

-- the high level of competition in our industry.

IPC undertakes no obligation following the date of this press release
to update or revise any such statements or projections whether as a result
of new information, future events, or otherwise.

This press release contains non-GAAP financial measures. For
reconciliations of these non-GAAP financial measures to their most recent
comparable measure calculated and presented in accordance with GAAP, see
"Reconciliation for Non-GAAP Financial Measures," above.

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